Starting Young: Saving for the Future
An 8-year-old girl from West Yorkshire has already begun saving for a house deposit. Eva Lockwood is determined to get on the property ladder without any extra help, recognizing the importance of starting young in today's sky-high housing market.
A Dream Home Near B&M, Smyths Toys, and Burger King
Eva has a clear vision for her future home. She wants a house near popular retailers B&M, Smyths Toys, and Burger King. In addition, she plans to have a spare room to rent out as a way to pay off her mortgage faster.
Money-Making Chores and Side Hustles
Eva earns money by helping with cleaning and tidying around the house. She can earn up to £5 for a particularly messy room. In addition, she sells items such as pencil cases on Vinted and eBay, with the help of her mother, Rebecca Lockwood.
Smart Saving Strategies
Eva splits her earnings into short-term and long-term savings. Short-term savings go towards smaller purchases like a new Barbie doll, while long-term savings will eventually be used as a deposit for a home. Her long-term savings are divided between cash (£3,000) and a stocks and shares ISA (£1,200).
Financial Education and Budgeting Tools
Rebecca and Eva use the prepaid debit card and financial education app GoHenry to help manage their budget. They watch educational videos together to gain a better understanding of money. Other apps that can help children learn about money include NatWest Rooster Money, Nimbl, and Revolut <18.
Kids Saving More than Ever
Data from GoHenry suggests that kids are saving more than ever before. Four in ten children are now planning how to fund life milestones such as buying a home or taking driving lessons.
Tips for Teaching Children about Money
In a cost of living crisis, it's becoming harder for parents to financially assist their children in buying a property. It's crucial for young generations to understand how money works and the benefits of saving. Louise Hill, CEO and co-founder of GoHenry, offers the following tips:
- Set challenges for kids to save money and wait for sales and discounts.
- Encourage kids to distinguish between needs and wants.
- Opt for budget-friendly alternatives to costly outings.
- Introduce savings goals, no matter the amount.
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